Thursday, September 18, 2008

Long-term Indian bull mkt alive: Rakesh Jhunjhunwala

Transcript of Investor and Trader, Rakesh Jhunjhunwala's bytes played on CNBC TV18.

On the bear market:What is a bear market, what is a bull market, I don't know. Numerically - surely, since we have broken the last lows that we had in August 2007, we'll have to term it as a bear mkt. But I don't think the long-term Indian stock bull market has ended. I think it’s in interruption mode.

On the macros:I don't rule out anything in the financial markets. I always question- suppose I have to pay margin tomorrow, to Lehman Brothers, I would have questioned it. It may be Goldman Sachs. I will not pay if they are a position taking company. If you take position yourself, I'll not pay margin. Never believe that the BoE (Bank of England) cannot fail, or if the BoE may not fail, it may go back on its words. They change policy retrospectively, which amounts to going back on your words.

On the US situation:I have made presentations to show in October, that this is going to be an unprecedented fall. And I have reasoned out how much is the lending to subprime, and that this problem cannot be stopped by reducing interest rates. The American bull market has come to an end. It may be a long correction

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